Saipem contracts semis for Indonesia, Nigeria

Offshore staff

(Milan) -- Two drilling contracts were let to Saipem for charter of rigs, one by Eni off Indonesia and the other by Addax Petroleum off Nigeria. Total value of the contracts is $539 million.

Scarabeo 7 is contracted to Eni for three years starting 1Q08. The semisubmersible is capable of water depths to 1,500 m and drilling depths of 8,500 m.

Scarabeo 3 is contracted to Addax for one year starting 2Q07. It is capable of water depths to 550 m and drilling depths to 8,000 m.

7/5/06